REG - CPPGroup Plc - CPP investment KYND secures funding from BGF

CPPGroupAnnouncement

13/01/2022 07:05

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RNS Number : 2792Y  CPPGroup Plc  13 January 2022

13 January 2022

CPPGroup plc

("CPP Group" or the "Company")

CPP InsurTech investment KYND secures funding from BGF

 

CPP Group (AIM: CPP), a provider of assistance and insurance products which
reduce disruptions to everyday life for millions of customers across the
world, is pleased to provide an update on its investment in KYND, a provider
of pioneering cyber risk management solutions to the insurance industry.

KYND has secured £3.25m of investment from Business Growth Capital (also
known as the British Growth Fund / BGF) a UK and Ireland-based growth capital
investment company that provides funding as a minority, non-controlling equity
partner.

Founded in 2018, KYND has developed an industry-first API-based technology
platform that gathers and processes data to assess cyber risk for small and
mid-market companies, insurers, brokers, and their clients, providing instant
and meaningful insights into exposure. KYND has achieved 1000% growth on
annual recurring revenue since June 2020 and developed partnerships with
high-profile insurers and brokers, such as Beazley, Howden, Paragon and
Alliant.

BGF's investment will be used to accelerate KYND's growth and global expansion
plans while supporting the development and launch of cutting-edge cyber risk
technology products.

CPP Group acquired a stake in KYND in March 2018 as part of its strategy of
investing in innovative people, businesses and products that are relevant to
its distribution partners internationally.  The investment by BGF will lead
to a significant uplift in the carrying value of the investment in CPP Group's
accounts, which was £450k as at 31 December 2020.  As a result of the
dilutive impact of BGF's investment on CPP Group's shareholding in KYND, it
will no longer be accounted for as a joint venture by the Company.

 

Jason Walsh, CEO of CPP Group, commented:

"KYND's goal of simplifying and improving cyber insurance is highly
complementary of our own objective of reducing disruptions for consumers
across the world through the use of easy-to-use solutions, making it a great
fit for the Group.

"We're proud to be associated with such a promising UK tech business as it
continues to develop innovative products that capitalise on the increasing
demand for cyber insurance worldwide, adding value to CPP's offering alongside
those of some of the biggest names in the industry.

"To secure this quantum of investment from one of the most highly regarded
funds in the UK is a great endorsement of the incredible work Andy and his
team are doing, and I wish them continued success as they move into their next
phase of growth."

 

 

Enquiries:

 CPPGroup plc
 Jason Walsh, Chief Executive Officer  Tel: +44 (0)77 6437 8580
 Simon Pyper, Chief Financial Officer  Tel: +44 (0)79 1779 5601

 Liberum Capital Limited
 (Nominated Adviser and Sole Broker)   Tel: +44 (0)20 3100 2000
 Richard Lindley
 Lauren Kettle
 Kane Collings
 Christopher Whitaker

 Alma PR
 (Financial PR Adviser)                Tel: +44 (0)20 3405 0205
 Josh Royston
 David Ison
 Kieran Breheny
 Faye Calow

 

About CPP Group:

CPP Group creates assistance and insurance products which reduce the
disruptions to everyday life for millions of people across the world. These
products are provided through partnerships with leading insurance, banking and
finance companies as either as embedded solutions or as relevant add-ons to
enhance their core offering and deliver additional revenue streams. CPP is
listed on AIM, operated by the London Stock Exchange.

 

For more information on CPP visit https://international.cppgroup.com/
(https://international.cppgroup.com/)

 

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